Bonuses for Transnet pensioners

AN extra R177-million in ad hoc bonuses will divided up in November to Transnet pensioners, who are members of the company’s pensioner-only funds.

Transnet’s board of directors approved the payments to members of the Transnet Second Defined Benefit Fund (TSDBF) and the Transnet sub-fund of the Transport Pension Fund (TTPF) on Wednesday, 23 October.

Each beneficiary will collect a bonus payment of 8.33% of their annual pension, equivalent to a 13th cheque from their respective fund. Both funds also paid members a 13th cheque during the first half of the calendar year as well.

These payments continue to supplement the current statutory increase of the beneficiaries. They are also intended to ensure that pensioners’ incomes track inflation.

– erinh@dbn.caxton.co.za